[SMM Coal and Coke Daily Briefing] December 24, 2025

[SMM Daily Coking Coal and Coke Briefing]

Coking Coal Market:

The offer price for low-sulphur coking coal in Linfen was 1,600 yuan/mt. The offer price for low-sulphur coking coal in Tangshan was 1,480 yuan/mt.

In terms of raw material fundamentals, downstream purchasing was mainly as needed, mine shipments were sluggish, online auction transaction prices were lowered, and high-priced coal varieties saw poor transaction performance. However, some coking plants recently restocked appropriately, coking coal prices showed signs of stabilizing, the rate of failed auctions also began to decline, and key varieties like coking coal performed relatively well. Coking coal prices were in the doldrums this week.

Coke Market:

The nationwide average price for first-grade metallurgical coke - dry quenching was 1,790 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenching was 1,650 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenching was 1,440 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenching was 1,350 yuan/mt.

Supply side, narrowed profits at some coking plants suppressed production enthusiasm, but the impact of recent environmental protection inspections weakened, overall coking plant production was stable, with a focus on active shipments. However, affected by market sentiment, the shipment pace slowed down, and coke inventory at plants continued to accumulate. Demand side, poor profitability at steel mills, coupled with average steel consumption performance, and most steel mills maintaining medium coke inventory levels, led to controlled coke arrivals and low purchase enthusiasm. In summary, pessimistic market sentiment remained, and the coke market was in the doldrums in the short term.[SMM Steel]